Osborne warns austerity budget unavoidable if Brexit occurs

London

UK Chancellor George Osborne has warned that there will have to be an austerity budget if there is Brexit.

Using projections of the UK's Institute for Fiscal Studies, Mr Osborne in conjunction with the former opposition Labour chancellor Alistair Darling, contends that tax rises and stringent spending cuts will be needed to reduce a budget deficit estimated at £30 billion (S$57.68 billion).